Heurtey Petrochem announces the acquisition of 60% of Prosernat

11/04/2011

April 11th, 2011, Heurtey Petrochem announced the acquisition of 60% of Prosernat, an engineering company specialized in field processing of natural gas. With this transaction, Heurtey Petrochem rounds out its services and positions itself in the growing natural gas production market.

Prosernat, wholly-owned by IFP Investissements, is an EPC engineering firm dedicated to field processing of natural gas, specifically dehydration and deacidification. With a team of 130 people, primarily highly-qualified engineers and technicians, the company covers all of the engineering disciplines in gas processing. Its services range from supplying licences and basic engineering to supplying turnkey units.

The company has developed a solid client portfolio, both among oil and gas companies, be they the majors (Total, BP, EXXON Mobil, Shell) or national companies (PDVSA, Sonatrach, GASCO, Petronas), and among general engineering firms (HHI, Technip, Saipem).
In 2010, Prosernat delivered €48.8M revenue, 6.6% operating margin, and a net margin of 4.8%. At December 31, 2010, the company had a large order book of €87 M.

With this acquisition, Heurtey Petrochem will also have better cyclical distribution of its activities, being involved both downstream of the oil cycle and upstream of the gas cycle. The group is also strengthening its technological profile, thanks to the Prosernat technology portfolio, the cooperation with IFP Energies Nouvelles in R&D, and the skill of Prosernat's "process" teams.

The connection will be made easier by the proximity of models and business lines, because these are two engineering companies in the oil and gas sector, with identical contract frames for the same end users.